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Question
When Petie and Geri Adams purchased a house in 1992, they insured it with Goodfriend Insurance Co. This property insurance policy has a policy limit (face amount) of $125,000. That figure matched the fair market value of the house as of the time the Adams procured the policy. Generally due to the declining property values in the small town where the house was located, the house now has a fair market value of $101,000 as of August 1, 1997. On that date, the Adams' house was completely destroyed by fire, a covered peril. The Adams have filed a claim and proof of loss with Goodfriend. If the policy at issue is a valued policy, how much are the Adams entitled to collect from Good friend? Why that amount? If the policy at issue is an open policy, how much are the Adams entitled to collect? Why that amount?
Answer
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